Alliance Trust vs Laxey Partners: What it means for shareholders

ALLIANCE TRUST VS LAXEY

Grant Challis, partner at Frostrow Capital, says Laxey Partner's attack on Alliance Trust might be the catalyst for positive change.

In November last year Laxey Partners launched an attack on the UK’s largest listed investment trust, the 123-year-old Alliance Trust. The Isle of Man-based hedge fund is a well known arbitrageur or shareholder activist and wrote an open letter to the board of Alliance Trust. Laxey is challenging Alliance Trust on two key points: the adoption of a share buyback strategy to control the discount and a change in the voting rules for Alliance Trust Savings (ATS), a subsidiary of Alliance Trust that acts as a savings scheme for Alliance Trust and other investment trusts. What does Laxey wan...